On Wednesday, the People’s Bank of China (the central bank) announced a reduction in reserve requirements that banks must maintain, with the goal of helping to boost the country’s slowing economy.
The bank’s announcement led to a rise in stock prices in Chinese stock markets, with the Hang Seng Index jumping by 3.6%.
The Governor of the bank, Pankaj Sheng, announced that he will lower the reserve deposit requirements by 0.5% starting from the 5th of February.
He added that this will inject around one trillion yuan (141 billion dollars) into the economy.
He stated that the central bank in Beijing intends to soon implement a policy regarding lending to real estate developers to help support the industry.
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